In February 2023, an average consumer price of spruce lumber in Egypt increased by 13.4% compared to January and amounted to EGP 7,977 ($258.2, +12.9%) per m3. The price increased by 69.8% y-o-y. In the first two months of 2023 the price for spruce lumber in Egypt soared 34.9%, while from April to December 2022, the price remained almost unchanged, increasing by only 3.5%.
Egypt’s annual inflation rate jumped to 31.9% in February, it is the highest rate in five and a half years, while core inflation skyrocketed to a record 40.26%, according to official data.